HD Hyundai Oilbank has announced the supply of an ultra-low sulphur biofuel to Taiwan’s Yang Ming Marine Transport Corporation, which marks the first such delivery by a South Korean refiner to an overseas shipping company.
The news, which HD Hyundai Oilbank disclosed yesterday (12 December), follows its first supply of this product to a domestic shipping company in July.
According to the refiner, the biofuel supplied to Yang Ming was based an ultra-low sulphur heavy fuel oil blend with a maximum sulphur content of 0.5%.
An unnamed official from HD Hyundai Oilbank was quoted as saying: ‘Unlike our competitors, HD Hyundai Oilbank operates multiple logistics bases in Pyeongtaek and Ulsan [and] based on our differentiated logistics competitiveness, we plan to expand our supply to shipping companies in Japan, Singapore, and Europe in the future.’
The latest biofuel delivery formed part of a marine biofuel demonstration project that began in September last year. This project is aimed at establishing quality and performance evaluation standards for biofuel to support the entry of South Korean companies into the global marine biofuel market.
The project is led by the Ministry of Trade, Industry and Energy and the Korea Petroleum Quality & Distribution Authority.
